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Renova Vanquished Everest
Renova Group has become the holder of 31.4 percent in Swiss Sulzer. For this purpose, Renova acquired 100 percent in Everest Beteiligungs GmbH, which is the owner of Sulzer papers, by buying out the share of Austrian Victory Industriebeteiligung AG. The analysts say Victory sold the papers under the pressure of Swiss authorities and Sulzer managers, who thought the Austrians unfair investors. But own financial problems of the company were probably another reason of the deal.
Owner of 50 percent in Everest Beteiligungs GmbH until very recently, Renova announced yesterday it bought out the share of its partner, Austrian Victory Industriebeteiligung AG. So, Renova has consolidated 100 percent in Everest. Moreover, the deal has turned Renova into a sole holder of 31.4 percent in Swiss Sulzer (17.5 percent of voting stocks and 13.9 percent of options).
According to Renova Investment Director and Everest GD Vladimir Kuznetsov, the acquisition manifests solid confidence of Renova in Sulzer’s future and the will to become a long-term investor and business partner of the company.
Sulzer AG was founded in 1834. It makes equipment for oil, petroleum, pulp and paper and other branches of the industry. Its 2006 turnover was $2.32 billion; EBIT - $245 million; net profits - $183.2 million; capitalization -- $5.05 billion.
www.kommersant.com
All the Article in Russian as of Aug. 22, 2007
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